Diversity leads to higher financial returns

Dubai - 'How can we be expected to provide people with the very best of care is we can't understand the local market? We also believe that diversity makes a critical contribution to competing globally and to build a sustainable business.'

Why do diversity and inclusion in a workplace matter to any company?
Because a company that has a diverse workforce is more likely to witness higher financial returns, said Shirley Xu, vice president of HR International at AstraZeneca.
"Research has shown that companies that have diverse workforces at all levels have a better financial performance than those who don't," Xu said at the 18th Global Women In Leadership Economic Forum.
Xu cited recent research by McKinsey which found that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians. Companies with racial and ethnic diversity are 35 per cent more likely to have higher financial returns; while companies with gender diversity are 15 per cent more likely to have higher financial returns.
"Having diverse experiences, viewpoints, and backgrounds brings innovative thinking and perspectives," she said. "Moreover, these diverse viewpoints help us to solve problems quickly and explore new opportunities. Diversity helps us as a company to bring medicines to people around the world. We use diversity especially in the decision making process to help us identify the best way to resolve issues."
Xu also spoke about how diversity is helping the company in emerging markets. "How can we be expected to provide people with the very best of care is we can't understand the local market? We also believe that diversity makes a critical contribution to competing globally and to build a sustainable business."  
- rohma@khaleejtimes.com

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